Sirius acquires Rheinmetall site from Union Investment

Sirius Real Estate has acquired a business park in Kiel-Suchsdorf from Union Investment. The property is located on a 226,619-square-meter plot at Doktor-Hell-Straße 6 and has a usable area of 78,170 square meters. Of this, 44,626 square meters will be logistics and manufacturing, 32,396 square meters will be office space and 1,882 square meters will be catering. In addition, there are 1,209 car parking spaces. The occupancy rate is 98.5%, spread over 13 tenants. Main tenant Rheinmetall uses the majority of the space. The purchase price, including incidental acquisition costs, was €93.4 million. The annual rental income amounts to €7.78 million, which corresponds to an European Public Real Estate Association net initial yield of 8.2%. The weighted average lease expiry is four years.